The company said it had acquired the 48,000-dwt Gypsum Integrity (built 2009) and renamed it Algoma Integrity.

It has also confirmed an order for two new Equinox Class 650-foot self-unloading lake bulkers at 3 Maj in Croatia.

The yard said in March the 24,000-dwt ships would be delivered in 2017.

Wayne Smith, senior vice-president of commercial at Algoma said of the GTL vessel: "The ship is well constructed and was designed to carry heavy cargoes.